While the phrase time-to-value is quite common among integration developers, sales reps, media pundits, IT analysts, and vendor executives, it’s often misunderstood. Some even dismiss it as cliched jargon.
Truth is, if you want to make sure your customers are happy, see your value, and stay onboard, you need to keep a close watch on your time-to-value. In this blog post, you’ll find what time-to-value is, why it's important, and how integration platforms can help your business accelerate it.
Time-to-value is the amount of time taken by a new customer to realize your product’s value. In other words, it’s the value perceived by your customers. The more streamlined your product or service is, the better is your time-to-value.
When the time taken by the customer is shorter than usual to view the product’s value i.e. time-to-value is faster, your ability to retain more customers increases substantially, and vice versa. So, if you want to ensure that your innovations create more value for your target audience, you must work on speeding up your time-to-value.
For any business to be successful, measuring Key Performance Indicators (KPIs) is essential as they help indicate trends and ensure goals are met. Time-to-value is one of them.
Customers want to see the return on investment immediately soon after they make the purchase. For them, the most important aspect of the process is to know whether the product or service you offer is worth investing. If not, customers may churn and they can choose to work with your competitor instead. To delight customers and control churn, you need to measure and track time-to-value. This will help you understand your sales cycle better, know when customers will see ROI from your service or product, and make changes if required.
It’s clear that you need to accelerate time-to-value to drive the development of new features or methods and make changes to your sales cycle if required. A faster time-to-value also allows you to provide delightful experiences to customers, increasing retention capacity by leaps and bounds. Here are the few reasons why you should accelerate your time-to-value.
Create Customer Delight: Faster time-to-value translates into more delightful customers, helping you set a powerful Net Promoter Score.
Boost Revenue: The quicker your customers realize the value of your product, the higher will be the sales and ultimately revenue.
Grab Higher Market Share: A better time-to-value gives your business an edge over your competitors, and you can corner the market easily.
Keep Ahead of the Curve: With an optimized time-to-value, you can stay ahead of your competitors by tapping into new business opportunities and capturing larger market share.
You can employ a variety of tools and technologies to accelerate delivery of new quality products and services for your customers and hence accelerate time-to-value. Data integration is one of the key solutions.
With one-of-a-kind features such as shared templates, pre-built application connectors for popular cloud applications, monitoring dashboard, AI-powered data mapping, and more, modern data integration solutions can help you automate internal processes to create more value for your customers. In addition, these solutions can streamline the onboarding cycle and eliminate delays. Such automated solutions can also ease the burden on IT, improving their overall productivity.
Contact integration experts of Adeptia to know how you can accelerate time-to-value and achieve your IT and business goals faster.